Oil Drops a Second Day in New York As Libya Supply Concern Eases

Oil dropped for a second day in New
York after assurances by the U.S., Saudi Arabia and the International Energy Agency that they can compensate for any
disruption of Libyan shipments.

Futures for April delivery declined as much as 67 cents, or
0.7 percent, to $96.61 a barrel in electronic trading on the New
York Mercantile Exchange. The contract yesterday surged to
$103.41, the highest intraday price since Sept. 29, 2008 amid
estimates that as much as two-thirds of Libya’s oil production
is cut.